Washington state Insurance Commissioner Mike Kreidler said he’s also proposing a new rule that would require insurers to provide policyholders with a written explanation for any premium change.
Kreidler spokeswoman Stephanie Marquis said in an email that the office believes “this rule is within the Commissioner’s statutory authority to adopt and is the best option for Washington consumers.”
He said that once federal pandemic protections end, people who have struggled financially over the past two years are at risk of have delinquencies show up on their credit reports, and noted that insurers charge good drivers with low credit scores nearly 80% more for mandatory auto insurance. “Commissioner Kreidler’s rule to prohibit insurers use of credit-based insurance scores will continue to throw the Washington insurance market into chaos and raise rates for over one million consumers,” Howard wrote.
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